MOFS RAAMDEO AGRAWAL SCAM EXPOSED!
Mumbai : Motilal Oswal Financial service Limited Launched IPO on 11 Sept 2007 and listed at NSE and BSE exchanges. The NSE and BSE listed MOFS Limited IPO without SEBI approval . SEBI said that copy NOC is not information as per SEBI law as per section 2f of RTI act. They called SEBI NOC or permission information as generic and vague . As per company act and SEBI law SEBI permission is mandatory for IPO.
Complainant filed the complaint before the SEBI scores website . The MOFS replied that they filed Draft with SEBI and SEBI given observation letters with objections to comply. The MOFS limited has submitted the reply to SEBI but SEBI officer has not given any written certificate that all the objections has been removed by MOFS . So in writing SEBI has not given any NOC for IPO. So without SEBI compliance certificate NSE and BSE listed Rs 246 cr IPO . MOFS received this interest free money from investors without SEBI Permission which is corruption. SEBI officers put objections on Sahara IPO because Sahara may have denied to bribe for IPO and later Sahara landed in jail for this crime . If SEBI officers are bribed then verbal NOC is fine to go ahead .
If SEBI will not give written NOC or permission for IPO then how it will protect the interest of investors? SEBI has to direct MOFS to return investors money with 15% interest PA and SEBI to impose penalty ie 3 times of profit earned by this IPO money on MOFS as per section 15 HA of SEBI act 1992. Complaint is pending before SEBI chairman for action under section 15 HA of SEBI act 1992 for this IPO fraud. Till date SEBI chairman did not ordered enquiry and investigation under 1995 rule and appointed AO in this matter.
| Sr. No. | Action | Remarks | Supporting File | Date | Action Taken by | Auto Assigned to |
|---|---|---|---|---|---|---|
1 | Complaint Lodged | Please refer to complaint details above -- | 28-11-2025 | Sapan Shrivastava | ||
2 | Auto Assigned To Entity | -- | 28-11-2025 | Sapan Shrivastava | Motilal Oswal Financial Services Ltd | |
3 | Copy Mark to Designated Body | -- | 28-11-2025 | Sapan Shrivastava | Bhairavi Mankame (national Stock Exchange Of India Ltd.) | |
4 | Seek Clarification by Designated Body to Investor | Dear sir, As per the attached SCORES FAQs, Complaints which are in the nature of market intelligence i.e., information given to SEBI regarding violation of any of the provisions of the securities laws. Such complaints can be lodged on httpsmiportal.sebi.gov.in. -- | 01-12-2025 | National Stock Exchange Of India Ltd. | Sapan Shrivastava | |
5 | Provide Clarification to Designated Body | Bhairavi Mankame national Stoc k Exchange Of India Ltd have less legal knowledge and also behaving corruptly. She dont have knowledge about SEBI and other laws under which IPO coming. It is violation of section 17 A of SCRA, ICDR SEBI regulations etc . She is knowingly favoring company to dispose this complaint . I will make her accuse in corruption complaint if no action is taken along with SEBI, NSE, BSE top officers . Direct company to provide SEBI NOC of Motilal IPO and NSE should also provide from its record. -- | 03-12-2025 | Sapan Shrivastava | National Stock Exchange Of India Ltd. | |
6 | Reminder 1 | यह शिकायत 10 दिनों से लंबित है । कृपया इस शिकायत पर तत्काल कार्रवाई करें । Complaint pending for 10 days. You may take immediate action on the complaint, else the complaint will be escalated for review. -- | 08-12-2025 | Sapan Shrivastava | Motilal Oswal Financial Services Ltd | |
7 | Reminder 1 | यह शिकायत 10 दिनों से लंबित है । कृपया इस शिकायत पर तत्काल कार्रवाई करें । Complaint pending for 10 days. You may take immediate action on the complaint, else the complaint will be escalated for review. -- | 08-12-2025 | Sapan Shrivastava | Motilal Oswal Financial Services Ltd | |
8 | Reminder 2 | यह शिकायत 15 दिनों से लंबित है । यदि अगले 6 कैलेंडर दिनों के भीतर एटीआर प्रस्तुत न की गई, तो यह शिकायत समीक्षा स्तर पर चली जाएगी । Complaint pending for 15 days. The complaint will be taken up for review in case, the ATR is not submitted within next 6 calendar days -- | 13-12-2025 | Sapan Shrivastava | Motilal Oswal Financial Services Ltd | |
9 | ATR submitted to Investor | Dear Sir Madam, We clarify that under the regulatory framework applicable in 2007, namely the SEBI Disclosure and Investor Protection Guidelines, 2000 “SEBI DIP Guidelines”, public issues were undertaken through SEBI’s established process of review of the draft offer document and issuance of an Observation Letter. Upon incorporation of SEBI’s observations, the issuer was authorized to file the Prospectus with the Registrar of Companies and proceed with the IPO in accordance with applicable regulations. In this regard, as duly disclosed in the Company’s Prospectus dated August 30, 2007, under the section titled “Material Documents for Inspection”, the following were received • SEBI Observation Letter No. CFDDILNBJAK991152007 dated July 19, 2007, and • The Company’s reply dated August 6, 2007. This confirms that SEBI had reviewed the draft offer document in accordance with the prescribed process. Further, the Company had obtained in-principle listing approvals from both BSE Limited “BSE” and the National Stock Exchange of India Limited “NSE”, as required under the applicable procedures. It is respectfully submitted that final listing and trading approvals from the stock exchanges are granted only after SEBI has completed its review of the DRHP, issued its Observation Letter, and after the final Prospectus is filed with the Registrar of Companies. The Company’s equity shares were duly listed and admitted to trading on both BSE and NSE, which itself confirms that SEBI’s observations had been issued and that the entire regulatory process had been duly complied with. Kindly refer to the listing approval records of BSE and NSE for confirmation. Accordingly, the IPO was undertaken strictly in accordance with the SEBI DIP Guidelines, and all regulatory requirements applicable at the time were duly fulfilled. The concept of a separate “NOC” was not prevailing at that point of time, and therefore no such document is available or required. -- |
Section 2(f) in The Right to Information Act, 2005
Final Status of SEBIH/R/E/25/01544
| Applicant Name | Sapan Shrivastava |
|---|---|
| Date of receipt | 27/11/2025 |
| Request Filed With | Securities and Exchange Board of India (SEBI), Head Office |
| Text of Application | Motilal Oswal Financial Services Ltd ie MOFSL share listed at BSE and NSE on 11 Sept 2007 as per BSE Website RTI Question 1. Copy of SEBI NOC or Permission or Any issued to Motilal Oswal Financial Services Ltd Share IPO 2. Copy Of Lenders NOC to MOFSL IPO . 3. Copy of SEBI Observation letter issued to MOFSL IPO. |
| Request document (if any) |  |
| Status | REQUEST DISPOSED OF as on 23/12/2025 |
| Date of Action | 23/12/2025 |
| Remarks | Reply :- Reply Attached |
| Reply Document | |
